# In the matter of Rubique Technologies Private Limited

> NCLT judgment dated 2024-01-24. Citation: TCN-2024-NCLT-02944. The case involves an application filed by the Resolution Professional (RP) of Rubique…

- **Court:** NCLT
- **Order date:** 24 Jan 2024
- **Citation:** TCN-2024-NCLT-02944
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rubique-technologies-private-limited-fd435807

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Rubique Technologies India Private Limited, the Corporate Debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period and withdrawal of a liquidation application. The CIRP was initiated after the Corporate Debtor was admitted into CIRP by the Tribunal on October 7, 2020. The Committee of Creditors (CoC), comprising Blacksoil Capital Private Limited (BCPL), decided to commence liquidation proceedings on April 5, 2021, after the CIRP period ended. An individual resolution applicant, Mr. Pravin Kumar Jain, expressed interest in acquiring the Corporate Debtor as a going concern. The erstwhile IRP failed

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## Facts

Rubique Technologies India Private Limited was admitted into CIRP on October 7, 2020. Mr. Ajay Gupta was appointed as the Interim Resolution Professional (IRP). Blacksoil Capital Private Limited (BCPL) is the sole financial creditor and constitutes the Committee of Creditors (CoC). The initial CIRP period of 180 days ended on April 5, 2021. On April 5, 2021, the CoC decided to initiate liquidation proceedings against the Corporate Debtor. An application for liquidation was filed by the IRP on May 14, 2021. During the pendency of the liquidation application, Mr. Pravin Kumar Jain expressed interest in acquiring the Corporate Debtor as a going concern on June 2, 2022. The erstwhile IRP did not convene a meeting to consider the resolution plan proposed by Mr. Jain. BCPL

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## Issues and analysis

### Issue 1: Whether the liquidation application should be dismissed to allow the CoC to consider a resolution …

**Ratio:** The primary objective of the IB Code, 2016, is value maximization and revival/resolution

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**Reasoning:** The Tribunal considered that a resolution plan had been received by the CoC during the

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**Interpretation:** The IB Code prioritizes the revival of corporate debtors over liquidation,

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**Application:** Since a resolution plan was proposed and the CoC was willing to consider it,

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## Parties

- **Judges:** Shri. Kuldip…; SHRI. ANIL RAJ…
- **Appellants:** PRANAV J. D…
- **Respondents:** Rubique Technologi…; SALIL SHASHANK…

## Timeline

- **2020-10-07 — CIRP Init…**: Corporate Debtor admitted…
- **2021-04-05 — CoC Deci…**: CoC decided to commence…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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